Business
Fuel Queues To Disappear If Marketers Patronise Us, Says Dangote
President and Chief Executive of Dangote Group, Aliko Dangote, on Tuesday shed more light on how to end the reoccurring issue of fuel queues in the country.
Dangote, who briefed State House reporters in Abuja, urged the Nigeria National Petroleum Company Limited (NNPCL) and marketers across the country to stop the importation of fuel.
He expressed optimism that his refinery is the solution to the lingering fuel queues across the nation.
“What I estimated as our daily consumption is about 30-32 million litters, that one we can even start producing by next week.
That is not really an issue because as we speak today, we have 500 million litres in our tanks.
With that even if there is no production anywhere or no import, that will take the country more than 12 days,” Dangote said.
“We are very ready, we are more than ready and I am also putting my name on the line that we will be able to supply the market 30 million per day and we are ramping up, so we are ready.
“So I am expecting that the NNPCL and the marketers should stop importing, they should come and collect what they need. I don’t know if you understand what it means to keep half of billion litres in our tanks, it is costing me money.
Every day if I am to collect money I can charge 32 per cent in interest.
That is what I am losing, If they come and collect then you will not see any queue in the filling stations.”
This came barely four weeks after the federal government began implementing a policy to sell crude oil to the Dangote Refinery in naira rather than United States dollars.
The federal government said the move would stabilize fuel prices domestically and strengthen Nigeria’s currency by cutting down on the need for dollars in crude oil transactions.
Business
Naira Rates To Dollar, Pound ,Euro… Friday, October 2
BLACK MARKET RATES
₦1375DOLLAR (USD)
₦1845 POUND (GBP)
EURO (EUR) ₦1550
₦1000 CANADIAN DOLLAR (CAD)
₦70 SOUTH AFRICAN RAND (ZAR)
₦370 UAE DIRHAM
₦190 CHINESE YUAN (CNY)
₦100 GHANA CEDI (GHS)
₦2350 CFA F.(XOF)
₦2250 CFA F.(XAF)
₦850 AUSTRALIAN DOLLAR (AUSSIE)
Official CBN Exchange Rates
DOLLAR (USD)₦1329.16
POUND (GBP)₦1766.59
EURO (EUR) ₦1510.06
SWISS FRANC (CHF) ₦1593.91
JAPANESE YEN (JPN)₦8.47
CFA FRANC (XOF) ₦2.30
WEST AFRICAN UNIT OF ACCOUNT (WAUA) ₦1807.23
CHINESE YUAN (CNY) ₦198.25
SAUDI RIYAL (SAR) ₦353.97
SOUTH AFRICAN RAND (ZAR) ₦81.18
Business
Obasanjo: “Aliko Embarrass Me”
He got all his workers together in that refinery and said, without telling me, and there, said…
Former President of Nigeria, Olusegun Obasanjo, has described Aliko Dangote as his “boss”, crediting the businessman’s industrial achievements to the policies and encouragement provided by his administration.
Obasanjo said this while speaking at the groundbreaking ceremony of the Dangote East Africa Refinery in Lamu, Kenya, where he recalled his recent visit to the Dangote refinery and the businessman’s acknowledgement of the role he played in his transition from cement importation to production.
He said, “About two months ago, three months ago, I visited the refinery which you visited last week. And I just couldn’t stop being surprised what Aliko did. But then Aliko embarrassed me.”
According to Obasanjo, Dangote had gathered his workers during the visit and publicly attributed part of his success in cement production and the eventual development of his refinery to the policies and encouragement of the former president.
He said, “He got all his workers together in that refinery and said, without telling me, and there, said, all of you working here, all of you, the man you have to thank is this man, that’s me. I didn’t have anything to do with his refinery or what it is.
He said, without this man, I would not have been in cement production.“And it is the cement production that provided the encouragement, the inspiration for the refinery. So, thank you. They all shouted and thanked me.”
Obasanjo said Dangote had expanded the opportunities created by his administration beyond Nigeria, particularly through cement production across Africa, and was now replicating the model in the petroleum refining sector.
“May God continue to expand your coast. And you are my boss. You will continue to be my boss.”
Business
Minister Tasks Charcoal Merchants on Sustainable Forestry
The minister gave the charge at the flag-off of the 2026 Operation One Million Trees Tree Planting Programme organised by the Association for Forest Conservation and Green Industrial Charcoal Merchants at the Faculty of Renewable Natural Resources, University of Ibadan.
•Charcoal merchants and other stakeholders in the forestry sector
The Minister of Environment, Balarabe Abass Lawal, has charged charcoal merchants and other stakeholders in the forestry sector to embrace sustainable practices and support the federal government’s efforts to reverse deforestation and restore Nigeria’s degraded forest landscapes.
The minister gave the charge at the flag-off of the 2026 Operation One Million Trees Tree Planting Programme organised by the Association for Forest Conservation and Green Industrial Charcoal Merchants at the Faculty of Renewable Natural Resources, University of Ibadan.
The programme, which brought together forestry practitioners, charcoal merchants, environmentalists, students, regulators and other stakeholders, is aimed at promoting afforestation and encouraging responsible management of Nigeria’s forest resources.
Speaking at the event, the minister described tree planting as one of the most practical measures for combating climate change, reversing deforestation, restoring biodiversity, controlling desertification and strengthening the resilience of the nation’s ecosystems.
The Chairman of the Association for Forest Conservation and Green Industrial Charcoal Merchants, Mr Adeshola Adebowale Idowu, emphasised that the event carried a clear message for everyone involved in the charcoal business and, indeed, every Nigerian.
Idowu said stakeholders should develop the habit of replacing trees removed from the environment, encouraging Nigerians to plant trees around their homes and communities.
He advocated a practice of planting several trees for every tree cut down, stressing that trees remain indispensable to human existence because many products used by society are derived from them
( THISDAY)
-
Business1 day agoNaira To Dollar, Pound, Euro… Rates Friday, October 1
-
News1 day agoNigeria @ 66: President Tinubu says next phase of reforms’ll cut cost of living
-
News2 days agoFG Declares October 1 Public Holiday to Mark Independence Day Anniversary
-
News2 days agoAtiku Demands Release of 5 Arrested Over ‘Tinubu Must Go’ T-Shirts
-
Business1 day agoCourt orders NMDPRA to continue issuing fuel import licences to Matrix Energy, AA Rano, AYM Shafa
-
Business2 days agoON-GOING: Dangote $16 billion refinery groundbreaking holds in Kenya (Images)
-
International2 days agoPlane Makes Emergency Landing After Pilots Fight in Cockpit
-
News1 day agoFG launches new digital postcodes
